Prices on Brent, WTI decline substantially

With some signs that a diplomatic solution might be found in the standoff between Iran and the UK over 15 British military personnel held by the Iranians, crude oil prices dropped on Tuesday. Brent crude for May delivery was $1.16 lower to $67.58 per barrel late in the afternoon on the Intercontinental Exchange in London, while May contracts for West Texas Intermediate crude fell $1.60 in afternoon trade to $64.34 per barrel on the New York Mercantile Exchange.

Whether or not prices have anything to do with the number of oil futures contracts traded, new data shows that trading volumes were up on both exchanges in March. The Intercontinental Exchange reported that its daily average of contracts traded gained 77 percent over the same month last year, while the New York Mercantile Exchange reported volumes for all commodities traded up by 44 percent over a year ago.